Atlassian: Shares Attractive as Investor Day Highlights Growth Vectors and New Financial Targets

We maintain our narrow moat rating for Atlassian after it hosted its 2024 investor day where it focused on its medium-term financial targets, growth vectors, and its research and development efforts. We make no changes to our model and thus maintain our fair value estimate of $225 per share. We appreciate the granular disclosures by management and think they support a positive story around the firm. We see shares as undervalued, especially in light of management’s new financial targets.